Connect with us

Public Companies

Weed Week: Oregon pardons cannabis convictions and bulk people light up on Turkey Day

Oregon Governor pardons 45,000 people and dispensaries see a 50% increase in transactions before ‘Danksgiving’. … Read More
The post Weed Week: Oregon…

Published

on

  • Oregon Governor pardons 45,000 for past possession of cannabis convictions
  • Dispensaries in the US see a 50% increase in transactions before Thanksgiving
  • Bod inches closer to TGA Schedule 3 dossier submission with positive trial results

 

Oregon Governor Kate Brown has pardoned around 45,000 people convicted of simple possession of cannabis, just a month after President Biden did the same federally – and encouraged Governors to get on board.

“No one deserves to be saddled with the impacts of a simple possession of marijuana conviction — a crime that is no longer on the books in Oregon,” Brown said. 

“Today, I am taking steps to right the wrongs of a flawed, inequitable, and outdated criminal justice system in Oregon when it comes to personal marijuana possession. 

“For the estimated 45,000 individuals who are receiving a pardon for prior state convictions of marijuana possession, this action will help relieve the collateral consequences arising from these convictions.”

 

Meanwhile in the US, it turns out cannabis use over Thanksgiving is more popular than ever.

Apparently, the day before ‘Danksgiving’ is called ‘Green Wednesday’ because dispensaries see a 50% increase in the number of transactions compared to an average day of the year.

It turns out people are smoking weed more on the holiday because of stressful family gatherings – and actor-turned-cannabis-farmer Jim Belushi is not surprisingly on board with the idea.


 

 

ASX WEED STOCKS

Code Company Price % Year % Six Months % Month % Week Market Cap
EOF Ecofibre Limited 0.43 -36% 21% 105% 59% $150,162,257
BOD BOD Australia 0.125 -51% -16% 25% 26% $18,149,579
EXL Elixinol Wellness 0.036 -62% -23% 6% 20% $11,385,561
RNO Rhinomed Ltd 0.13 -48% -21% -4% 18% $34,286,363
IRX Inhalerx Limited 0.063 -37% -23% -3% 15% $11,797,818
NTI Neurotech Intl 0.09 34% 55% -22% 13% $70,196,570
IHL Incannex Healthcare 0.27 -52% -39% 4% 8% $403,752,866
CAU Cronos Australia 0.645 223% 132% -28% 6% $346,772,408
WFL Wellfully Limited 0.021 -76% -69% -13% 5% $8,023,204
ALA Arovella Therapeutic 0.025 -42% -31% -19% 4% $16,100,419
EPN Epsilon Healthcare 0.027 -77% -23% 23% 4% $8,109,558
MDC Medlab Clinical Ltd 8.5 -66% -28% -22% 4% $19,409,767
BOT Botanix Pharma Ltd 0.064 8% -22% 0% 3% $73,406,729
CPH Creso Pharma Ltd 0.0255 -75% -51% -23% 2% $49,570,843
CAN Cann Group Ltd 0.2325 -20% -27% -14% 1% $82,138,422
IDT IDT Australia Ltd 0.094 -78% -41% -6% 1% $22,656,049
ZLD Zelira Therapeutics 1.02 -84% -37% -24% 1% $9,481,345
CTV Colortv Limited 0.008 -89% -20% 0% 0% $1,236,985
HGV Hygrovest Limited 0.07 0% 15% 1% 0% $16,096,779
SCU Stemcell United Ltd 0.013167 0% 0% 0% 0% $14,995,837
MRG Murray River Grp 0.245 0% 0% 0% 0% $10,808,210
TSN The Sust Nutri Grp 0.14 -40% 0% 0% 0% $16,884,894
RGI Roto-Gro Intl Ltd 0.22 -54% 0% 0% 0% $4,333,920
AVE Avecho Biotech Ltd 0.009 -44% -44% -10% 0% $16,540,824
AC8 Auscann Grp Hlgs Ltd 0.04 -59% -33% 0% 0% $17,621,884
EMD Emyria Limited 0.19 -51% -37% -12% 0% $50,875,457
EVE EVE Health Group Ltd 0.001 -73% -20% 0% 0% $5,274,483
CGB Cann Global Limited 0.021 -72% -19% 0% 0% $5,436,345
AGH Althea Group 0.0655 -75% -45% -22% -1% $22,816,728
LV1 Live Verdure Ltd 0.17 -61% -15% 3% -3% $10,267,602
MXC Mgc Pharmaceuticals 0.013 -71% -38% -7% -7% $37,256,015
DTZ Dotz Nano Ltd 0.255 -36% -15% -2% -9% $114,855,655
LGP Little Green Pharma 0.1725 -74% -55% -28% -9% $45,661,135
ECS ECS Botanics Holding 0.019 -44% -14% -10% -10% $22,134,613
WOA Wide Open Agricultur 0.29 -65% -46% -31% -12% $38,619,532
ROO Roots Sustainable 0.002 -75% -60% -43% -20% $2,056,265
PAL Palla Pharma Ltd 0 -100% -100% -100% -100% $47,764,383

A total of 17 companies were in the green, with 11 flat and 9 stocks in the red. 

 

Here are the ones with notable news:

BOD AUSTRALIA (ASX:BOD)

The cannabis stock announced positive results from its Phase 1 clinical trial evaluating Bod’s ECS BioAbsorb Softgel Capsule against Epidyolex and CBD oil.

The study comprised of three oral treatment arms: Bod ECS BioAbsorb Softgel Capsule, Epidyolex oil and CBD oil – delivered as a single dose in 14 healthy subjects between 18-50 years old.

All 14 subjects have completed the trial with no safety or tolerability issues reported, meeting the trial’s primary end points.

The Bod ECS BioAbsorb Softgel was reported to be as twice as fast to reach maximum concentration of CBD after a single oral administration of Epidyolex, and five times faster than the CBD oil solution.

This pharmacokinetic (PK) study forms a critical and required step for the company’s Schedule 3 dossier submission to the TGA (Therapeutic Goods Association).

“Bod considers our uniquely developed softgel format product to be at the forefront of the Schedule 3 CBD space in Australia, and we look forward to reporting further on our clinical trial as we continue to move through each stage,” said Bod’s CEO, Jo Patterson.

 

NEUROTECH INTERNATIONAL (ASX:NTI)

The company has received Human Research Ethics Committee (HREC) and Therapeutic Goods Administration (TGA) approvals for its upcoming Phase II/III NTIASD2 clinical trial for children with Autism Spectrum Disorder (ASD).

In the previous open-label Phase I/II trial, NTI has demonstrated significant improvement in ASD children who were administered with NTI’s NTI164 drug.

“Combined with standard non-drug behavioural therapies, NTI164 can be considered a patient enabling drug, by improving daily living and allowing children to integrate into society via significant improvements in socialisation and anxiety,” said Dr Thomas Duthy, executive director of Neurotech.

 

INCANNEX HEALTHCARE (ASX:IHL)

Incannex has committed to a 116-person bioavailability/bioequivalence (BA/BE) study and will submit an investigational new drug application to FDA.

The company will assess the pharmacokinetics and tolerability of the two key active pharmaceutical ingredients (APIs) in IHL-42X compared to their respective US Food and Drug Administration (FDA) reference listed drugs.

Incannex hopes to achieve the first ever registered pharmaceutical product on the market for sleep apnoea which could displace the current treatment standard, which is the mechanical CPAP device that has a considerable market size of US$10bn per annum – but is associated with poor patient compliance due to discomfort.

Subject to ongoing clinical success, the results from the study will form a critical component of a future new drug application by providing a necessary bridge to IHL-42X’s reference listed drugs, thereby facilitating the use of certain historical data.

 

CRESO PHARMA (ASX:CPH)

This cannabis player has taken the final step in its acquisition of Health House International (ASX:HHI) by signing to Scheme Implementation Deed for a total value of up to around $4.6 million – based on a Creso share price of A$0.043 per share.

Health House is an international pharmaceutical distributor, specialising in the sale and distribution of medicinal cannabis products across Australia and the UK.

And this acquisition provides Creso with another revenue-generating operating division, which has the potential to considerably broaden its international footprint and growth trajectory.

 

BOD, NTI, IHL and CPH share prices today:



 

ZELIRA THERAPEUTICS (ASX:ZLD)

The company has completed its enrolment for the Diabetic Nerve Pain Drug Trial, with 60 patients enrolled to evaluate the efficacy, safety and tolerability of its proprietary, patent protected product.

A positive result on one or more endpoints would be a landmark event for Zelira in its strategy to produce rigorous, clinically validated data on its proprietary cannabinoid-based drugs.

“Above all, positive results will validate the real potential for creating safer and efficacious cannabinoid medicines for the treatment of diabetic nerve pain,” CEO Dr Oludare Odumosu says.

“In addition, results from this trial will also validate the safe and efficacious use of Zelira’s patent protected, proprietary technology Zyraydi, which was used to formulate our investigational drug, in humans.”

The trial readout is expected in Q1 2023.

 

EMYRIA (ASX:EMD)

The company has wrapped a $3m placement at $0.35 per share which received strong demand from new and existing institutional and sophisticated investors, including follow-on investment from Tattarang’s Tenmile Ventures and Sixty Two Capital.

The funds raised will be used to advance EMD’s Phase 3 clinical trial supporting registration and commercialisation activities of EMD-RX5 as an over-the-counter treatment with the TGA.

They will also support the ongoing development of EMD-RX7, Emyria’s high dose CBD, and advance multiple preclinical screening programs for Emyria’s novel MDMA-inspired drug discovery program being developed with the University of Western Australia.

 

ALTHEA (ASX:AGH)

Althea has signed a non-binding MoU with Nimbus Health GmbH – a GMP and GDP-certified medical cannabis company based in Germany, and a wholly-owned step-down subsidiary of Dr. Reddy’s Laboratories Ltd.

Under the proposed transaction and subject to definitive agreement, Althea and Nimbus Health would join forces exclusively to promote, market, sell and distribute both Althea and Nimbus Health products throughout Europe and other jurisdictions. 

Nimbus will also evaluate the takeover of AGH’s MyAccess Clinics business in Europe.

The companies are also contemplating a joint development project for medical cannabis products to be approved as a prescription medicine by either the United States’ Food and Drug Administration, Australia’s Therapeutic Goods Administration or Europe’s European  Medical Agency.

 

LITTLE GREEN PHARMA (ASX:LGP)

The company has terminated its exclusive supply agreement with Germany’s Four 20 Pharma GmbH – which has not been able to satisfy its agreement with LGP to secure certain approvals in Germany.

As such, LGP has issued Four 20 Pharma with a notice of default and will now consider offering the high-THC SMS strain into the German market via its existing channels.

Separately, LGP says that the French Government has confirmed it will extend the period of the two-year French medicinal cannabis trial for a further 12 months until March 2024.

The company says it was in negotiations with the French Government in relation to an earlier request for its continued participation in the trial, given that LGP is the largest supplier into the trial and has been providing products to trial participants free of charge.

 

ZLD, EMD, AGH and LGP share prices today:


 

At Stockhead we tell it like it is. While Creso Pharma and Incannex Healthcare are Stockhead advertisers, they did not sponsor this article.

 

The post Weed Week: Oregon pardons cannabis convictions and bulk people light up on Turkey Day appeared first on Stockhead.

Read More

Trending

 

NXTpsychedelics is part of NXT Financial Media Group. Copyright 2021 NXT.financial media